Qorvo, Inc. (NASDAQ:QRVO) Given Average Recommendation of “Hold” by Brokerages

Shares of Qorvo, Inc. (NASDAQ:QRVO) have been assigned an average rating of “Hold” from the seventeen brokerages that are presently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, thirteen have assigned a hold recommendation and two have given a buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $102.88.

A number of research analysts have recently issued reports on the stock. UBS Group cut their price objective on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. Bank of America dropped their target price on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a research report on Wednesday, October 30th. Barclays dropped their target price on shares of Qorvo from $120.00 to $90.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 30th. TD Cowen dropped their target price on shares of Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. Finally, Craig Hallum dropped their target price on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th.

Qorvo Stock Up 2.0 %

Shares of Qorvo stock opened at $69.25 on Friday. The firm’s 50 day moving average price is $90.84 and its 200-day moving average price is $103.23. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45. Qorvo has a 52-week low of $64.98 and a 52-week high of $130.99. The company has a market cap of $6.55 billion, a P/E ratio of -47.43, a PEG ratio of 5.31 and a beta of 1.49.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the firm earned $1.99 EPS. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. On average, sell-side analysts predict that Qorvo will post 3.37 EPS for the current fiscal year.

Insider Activity at Qorvo

In related news, VP Gina Harrison sold 689 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $107.67, for a total value of $74,184.63. Following the completion of the transaction, the vice president now directly owns 21,601 shares in the company, valued at $2,325,779.67. The trade was a 3.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Qorvo

Large investors have recently added to or reduced their stakes in the stock. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Qorvo during the second quarter worth $29,000. EverSource Wealth Advisors LLC raised its position in Qorvo by 81.0% during the first quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 115 shares during the period. Versant Capital Management Inc raised its position in Qorvo by 9,333.3% during the second quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock worth $33,000 after acquiring an additional 280 shares during the period. New Millennium Group LLC acquired a new position in Qorvo during the second quarter worth $34,000. Finally, Larson Financial Group LLC raised its position in Qorvo by 163.4% during the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock worth $33,000 after acquiring an additional 201 shares during the period. 88.57% of the stock is currently owned by institutional investors and hedge funds.

About Qorvo

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.